National Bank of Kuwait Rolls Out SWIFT gpi; UCPB Launches InstaPay Transfer Service

Welcome to The Axis, your late look at payments news from around the world. Coverage includes The National Bank of Kuwait’s rollout of SWIFT Global Payments Innovation (gpi) services with the help of ACI Worldwide. In addition, UCPB launched its InstaPay service in The Phillipines, and NoBroker has brought rent payments into its app in India.

The National Bank of Kuwait has rolled out SWIFT Global Payments Innovation (gpi) services via the payments engine of ACI Worldwide, according to an announcement. ACI said the offering enables customers to tap into reduced timelines, increased transparency and the same-day transfer and use of funds. In all, ACI noted that the global gpi community has come to encompass close to 300 banks. ACI Worldwide Head of Real-Time Payments Craig Ramsey said in the announcement, “Effectively leveraging the richer data of SWIFT gpi messages will allow NBK to further optimize the customer experience and differentiate against competitors. NBK now delivers customers greater transparency and traceability in cross-border transactions, which facilitates better communication and reconciliation for the bank’s customers.”

In ThePhilippines, UCPB rolled out its InstaPay service to enable customers to transfer money instantly to bank accounts, according to reports. The company’s electronic banking services platform, UCPB Connect, is said to facilitate the fund transfer service. In addition, the service is reportedly the first automated clearing house that uses the National Retail Payment System (NRPS) framework set by the country’s central bank. UCPB Vice President and Head of Marketing Group Charina Balanquit said, “InstaPay makes it possible for our clients to enjoy fast, safe, convenient, affordable and seamless transactions with participating banks and e-money issuers in the Philippines.” Balanquit added that the bank is seeing a “rapid take-up of this service” due to the convenience that it offers.

And, in India, NoBroker has brought payments through unified payments interface (UPI), cards, internet banking and wallets into its app, India Times reported. The service enables tenants to make automatic payments for rent. In order to tap into this feature, tenants enter the details of the payee and payor once. After that time, the payments are made automatically, and both parties are notified of the transactions. In addition, renters can use the feature to pay for maintenance charges and security deposits. NoBroker Chief Technology Officer Akhil Gupta noted in the report that rent paid in India totals roughly $50 billion over multiple channels.